Crystal Cathedral megachurch meets with creditors

[April 20, 2010]  GARDEN GROVE, Calif. (AP) -- Leaders of the Crystal Cathedral in California have met with vendors and creditors to discuss possible debt payments after three businesses sued the megachurch over $2 million in unpaid bills.

Sheila Schuller Coleman said in a statement that church leaders met Friday with dozens of vendors to apologize and ask them to hold off on legal action for 90 days.

Coleman says a committee of vendors and creditors was formed to work as a "bridge" between Crystal Cathedral Ministries and vendors to assure equitable treatment when funds become available.

The church used Credit Management Association, which helps insolvent companies go through liquidation and avoid bankruptcy, to send out the invitations to vendors.

The church has a $55 million budget deficit, recently conducted layoffs and sold church property.

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Information from: The Orange County Register, http://www.ocregister.com

[Associated Press]

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